ed rosenberg has $202 billion of assets under management. nice to have you with us.oned reluctance for investors to step into stocks, we got survey data from bank of america indicating there is a majority of sizable invested professionals that are sitting on the sidelines. when you look at etf flows, what have you been seeing? ed: it has been interesting. they are muted this year compared to last. we've seen a lot of volume into u.s. equities this year. if you look at the flows, it is about 60% of all flows are going into equities. 80% of that is going to etf's. what is interesting is, it has been clients taking losses in mutual funds and shifting those to etf's to rebalance the portfolio as time has gone on. kriti: let us get perspective on today's selloff. the s&p 500 is down 3%, seeing a lot of pain. does that mean more etf investments or less when talking about intraday flows? ed: it is dependent on what the advisor wants to do. when the cpi numbers came out, it was a little bit of a shock. it will depend on their reaction. today will create more opportunity for

i think chuck rosenberg in a recent op-ed keyed in on it. this is kind of a bit of a sideshow. at the end of the day, these documents will go to federal prosecutors. at the end of the day, based on everything we think the filings will go, the way courts will rule on them, you're still looking at an investigation that should have the documents they're looking for by the end of november. i think it's also important to note, you know, there was really no chance that an indictment was going to be filed against anybody in this case if they indict anybody prior to the election. that was probably something that wasn't going to occur. frankly, the time line of the fbi looking at these documents and moving forward with the work they need to do with federal prosecutors was going to take several months, so i don't know how much this necessarily backs up the process. time will tell. >> vaughn, talk a little bit about judge dearie. the trump team has found he might be a tougher customer than some would believe the home team advantage they got from the district court judge in florida, judge